Sunday, May 1, 2011

Oil tax

Obama seeks end to oil industry tax breaks

(Reuters) - President Barack Obama on Saturday kept pressure on the Congress to end tax breaks for oil and gas companies, saying they were enjoying huge profits, as he sought to limit political fallout from rising gasoline prices.

With public anger over costs at the pump hitting Obama's popularity as he revs up his 2012 re-election bid, he pressed his call for rolling back $4 billion in "unwarranted tax subsidies" at a time of budget belt-tightening in Washington.

But opposition Republicans continued their efforts to cast blame on the Democratic president for a surge in gas prices that is straining Americans' pocketbooks at a time of stubbornly high unemployment and sluggish economic recovery.